Citigroup division cancels 140,000 credit cards

A bank canceling credit cards? In recent weeks I have heard so many stories about people receiving calls from credit card companies asking if payments were still going to be made. There have also been itchy fingers by the banks who are charging massive late fee penalties when payments arrive a day or two late. In the past, grace periods would allow a small window but with banks such as Citigroup having to beg for money around the world, they're becoming much more aggressive. It's all stick and no carrot with the credit industry today.

When Bush and the GOP arrived, these banks couldn't wait to get their precious bankruptcy bill so they could squeeze every last penny out of people. There's not much more left to squeeze and the banks have no one other than themselves to blame. If Citigroup is taking such drastic steps, they really must be in trouble. As the expression goes, you reap what you sow.